How long will it take to sell our Nanaimo house?

How long will it take to sell our Nanaimo house?

If you have been considering listing your Nanaimo house this spring it makes sense to have a feel for the state of the Nanaimo real estate market.  Knowing what kind of market we are experiencing can help you gage how long it will take to sell your home.

I have calculated the absorption rate of homes by price range in the Nanaimo area.  The definition of absorption rates is: the number of weeks it takes to sell the current inventory at the present rate of sales.

The numbers below reflect activity from the month of February 2012.  Please note that February is not usually a busy real estate month.  With this in mind it is important to note that the absorption rates should decrease in the busy spring real estate market.  This means that potentially the number of weeks to absorb current inventory should lessen.

Single family homes listed between:

· $600,000 - $650,000  - 52 weeks  - 1 sale of 12 listings on the market at the end of February

·   $550,000 - $600,000   - 182 weeks – 1 sale of 42 listings

·     $500,000 - $550,000   - 57 weeks -   3 sales of 40 listings

·    $451,000 - $499,000  - 59 weeks  -  7 sales of 96 listings

·     $399,900 - $450,000  -  29.78 weeks -  22 sales of 151 listings

·      $351,000 - $399,000 – 58 weeks  -  15 sales of 201 listings

·    $299,900  - $350,000 -  74 weeks -   13 sales of 222 listings

·  $250,000 - $299,900 -   47 weeks  -  16 sales of 175 listings

The numbers above will change with each month.  As often happens in the beginning of the spring real estate market the market can be heavy on listings and light on buyers.  This ratio should adjust as the spring approaches.

For additional information on real estate in Nanaimo or to find out how to get your house sold please give me a call